10X45 BARGAIN HUNTER

Presented by the Research Team of

“The critical investment factor is determining the intrinsic value of a business and paying a fair or bargain price.” —Warren Buffett  October 4, 2009

Presented by the Top Three Screen Results, by Category

Manual of Ideas
Market Enterprise
Research Team Company Ticker Price
Value Value

Dear Fellow Idea Seekers, "Magic Formula," based on Trailing Financials Trailing EBIT / EV
1 KHD Humboldt Wedag KHD $9.68 $293mn -$56mn infinite
We are pleased to bring you this 2 GT Solar SOLR $5.28 $757mn $596mn 25%
latest issue of 10x45 Bargain Hunter,
our bi-weekly stock screening report. 3 ePlus PLUS $15.29 $126mn $98mn 25%
This report is based on market prices "Magic Formula," based on This Year's EPS Estimates EPS Yield FY0
as of October 2nd.
1 EarthLink ELNK $8.47 $899mn $525mn 13%
Sincerely, 2 Pre-Paid Legal PPD $50.04 $549mn $557mn 13%
Your Manual of Ideas Team
3 Endo Pharma ENDP $22.11 $2,591mn $2,505mn 12%
"Magic Formula," based on Next Year's EPS Estimates EPS Yield FY1
Special Offer 1 GigaMedia GIGM $4.68 $255mn $172mn 13%
2 Centene CNC $18.05 $819mn $664mn 12%
3 Pre-Paid Legal PPD $50.04 $549mn $557mn 13%
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Contrarian: Shunned by the market, but not by insiders Insider Buys
with your subscription to the
1 Ideation Acquisition IDI $7.86 $98mn n/m $2,523mn
acclaimed monthly newsletter,
2 * Center Bancorp CNBC $7.44 $97mn n/m $2,187mn
Downside Protection Report.
3 Invesco Mortgage IVR $21.34 $190mn $190mn $982mn

Contrarian: Biggest Losers (deleveraged & profitable) ∆ Price YTD
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
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About This Publication
2 TICC Capital TICC $5.05 $135mn n/m 12%
10x45 Bargain Hunter is a bi-weekly 3 Himax Technologies HIMX $3.05 $282mn $143mn 10%
screening service for investors
Deep Value: Lots of Revenue, Low Enterprise Value EV/Revenue
looking to uncover hidden value in
the stock market. Bargain Hunter is 1 Ingram Micro IM $16.35 $2,666mn $1,684mn .06x
brought to you by the acclaimed 2 Tech Data TECD $40.45 $2,034mn $1,344mn .06x
Manual of Ideas research team.
3 Winn-Dixie Stores WINN $12.39 $678mn $531mn .07x
Inspired by the Zeiss 10x45 Victory
Deep Value: Neglected Gross Profiteers EV/GP
Rangefinding Binocular ("essential
equipment for long range hunting and 1 WellCare Health WCG $24.52 $1,035mn $94mn .09x
a reliable shot"), the 10x45 Bargain 2 Molina Healthcare MOH $20.00 $511mn $69mn .14x
Hunter is designed as an essential
3 Kindred Healthcare KND $15.15 $591mn $670mn .17x
tool for every value investor’s
arsenal. Whether you run your own Activist Targets: Potential Sales, Liquidations or Recaps NCAV / MV
screens or not, we hope you'll find 1 * Axcelis Technologies ACLS $1.35 $140mn $90mn 130%
10x45 Bargain Hunter a valuable ally
as you seek out undervalued 2 * Myriad Pharma MYRX $5.60 $135mn -$34mn 122%
companies trading in U.S. markets. 3 Imation IMN $8.78 $334mn $245mn 110%

10X45 BARGAIN HUNTER is published bi-weekly by BeyondProxy LLC, P.O. Box 1375, New York, NY 10150. Website: www.manualofideas.com. Email: support@manualofideas.com. Please
email or call if you have any subscription questions. Managing Editor: John Mihaljevic. Subscription $99 per year. © Copyright 2009 by BeyondProxy LLC. All rights reserved. Photocopying,
reproduction, quotation, or redistribution of any kind is strictly prohibited without written permission from the publisher. This newsletter bases screening results on techniques and sources
believed to be reliable in the past and cannot guarantee future accuracy and results. The stocks listed in this newsletter should not be construed as investment recommendations.
BeyondProxy’s officers, directors, employees and/or principals (collectively “Related Persons”) may have positions in and may, from time to time, make purchases or sales of the securities or
other investments listed or discussed in this newsletter. John Mihaljevic, Chairman of BeyondProxy, is also a principal of Mihaljevic Capital Management LLC (“MCM”), which serves as the
general partner of a private investment partnership. MCM may purchase or sell securities and financial instruments discussed in this newsletter at any time on behalf of the investment
partnership or other accounts it manages. Use of this newsletter and its content is governed by the Terms of Use described in detail at www.manualofideas.com/terms.html. Pictured in the
top left corner is the Zeiss 10x45 Victory Binocular with built-in laser rangefinder.
Activist Targets: Potential Sales, Liquidations or Recaps
Companies that may unlock value through a corporate event

▼
Move To Price to Net Net Next Insiders
Price 52-Week MV EV Tangible Net Cash ST Assets EV/ FY % Buys/
Company Ticker ($) Low High ($mn) ($mn) Book (% of MV) (% of MV) Sales P/E Own. Sells
1 * Axcelis Technologies ACLS 1.35 -87% 19% 140 90 .6x 36% 130% .6x n/m 2% -/-
2 * Myriad Pharma MYRX 5.60 -35% 34% 135 (34) .7x 126% 122% n/m n/m 0% -/-
3 Imation IMN 8.78 -21% 156% 334 245 .6x 27% 110% .1x 23x 1% 2/-
4 QLT QLTI 3.85 -64% 17% 210 75 .8x 64% 105% .6x - 1% 11 / -
5 Adaptec ADPT 3.13 -30% 19% 376 (7) .9x 102% 100% n/m - 1% 3/-
6 Ascent Media ASCMA 24.76 -31% 21% 349 40 .6x 89% 97% .1x - 6% -/-
7 Silicon Image SIMG 2.44 -17% 110% 183 20 .9x 89% 94% .1x n/m 0% -/-
8 Hurco HURC 15.98 -48% 70% 103 80 .9x 23% 92% .7x - 15% 1/-
9 SupportSoft SPRT 2.30 -33% 50% 107 7 1.1x 94% 90% .2x n/m 6% -/-
10 Ingram Micro IM 16.35 -47% 15% 2,666 1,684 1.0x 37% 87% .1x 12x 6% -/2
11 Trident Microsystems TRID 2.33 -48% 33% 164 (24) .9x 115% 87% n/m n/m 1% -/-
12 * Radvision RVSN 5.85 -30% 64% 115 8 .9x 93% 86% .1x 15x 15% -/-
13 Tech Data TECD 40.45 -65% 8% 2,034 1,344 1.0x 34% 84% .1x 13x 3% - / 30
14 Cutera CUTR 8.73 -37% 26% 117 20 1.0x 83% 83% .3x n/m 5% -/-
15 Integr. Electrical IESC 7.42 -47% 110% 114 83 .8x 27% 80% .1x - 3% -/1
16 TomoTherapy TOMO 4.05 -55% 23% 211 63 1.1x 70% 77% .3x n/m 16% -/-
17 CDI CDI 12.90 -50% 62% 245 171 1.0x 30% 76% .2x 52x 10% -/-
18 DivX DIVX 5.31 -27% 39% 174 38 1.1x 78% 75% .5x 48x 3% -/2
19 Advanced Analogic AATI 3.35 -45% 67% 144 39 1.2x 73% 75% .5x 84x 5% -/1
20 Lattice Semi LSCC 2.18 -52% 24% 251 147 1.0x 41% 75% .7x >99x 0% -/1
21 Bel Fuse BELFB 17.99 -51% 63% 207 92 1.0x 55% 74% .4x 26x 10% -/-
22 PCTEL PCTI 6.25 -44% 47% 117 49 1.0x 58% 71% .7x 37x 5% - / 10
23 Benchmark Electron. BHE 17.28 -50% 6% 1,122 730 1.1x 35% 71% .3x 18x 1% 1/-
24 SMART Modular SMOD 4.23 -82% 33% 262 195 1.2x 25% 71% .4x 11x 2% -/3
25 InfoSpace INSP 7.66 -34% 40% 270 70 1.2x 74% 70% .4x 35x 0% -/-
26 Callaway Golf ELY 7.32 -36% 82% 472 422 .9x 11% 69% .4x 21x 0% 1/-
27 Miller Industries MLR 10.59 -60% 10% 123 96 1.0x 22% 67% .4x 25x 5% -/-
28 Celera CRA 5.97 -16% 145% 489 168 1.3x 66% 67% .9x >99x 2% 1/-
29 Aceto ACET 6.50 -25% 80% 161 103 1.3x 36% 67% .3x 10x 1% -/1
30 * Universal Stainless USAP 16.16 -51% 45% 109 89 .8x 19% 67% .5x 15x 1% -/-
31 Exar EXAR 7.17 -31% 11% 312 105 1.2x 66% 66% .9x 60x 0% 7/1
32 Electro Scientific ESIO 13.11 -64% 7% 358 203 1.1x 43% 65% 1.8x n/m 0% -/4
33 Silicon Graphics SGI 6.18 -45% 57% 187 58 .9x 69% 64% .3x n/m 1% 1/-
34 * Progenics Pharma PGNX 4.92 -9% 178% 155 41 1.4x 73% 64% .8x n/m 11% -/3
35 ModusLink Global MLNK 7.25 -78% 24% 331 163 1.1x 51% 64% .2x 15x 1% 2/3
36 * Infinity Pharma INFI 5.81 -36% 55% 152 2 1.3x 98% 63% .0x n/m 17% -/-
37 Vital Images VTAL 12.51 -32% 22% 178 54 1.3x 70% 63% .9x n/m 2% 3/4
38 Ultratech UTEK 12.97 -31% 16% 283 139 1.5x 51% 63% 1.2x 25x 5% -/2
39 Syneron Medical ELOS 11.02 -59% 27% 303 117 1.4x 61% 63% 1.7x n/m 10% -/-
40 Mattson Technology MTSN 2.54 -88% 95% 127 49 1.1x 61% 62% .9x n/m 1% -/-
41 Oplink Comms OPLK 14.55 -65% 3% 300 135 1.4x 55% 62% .9x 17x 3% -/4
42 * Zoran ZRAN 10.72 -75% 14% 554 204 1.2x 63% 61% .5x 63x 0% 2/-
43 * Rudolph Tech RTEC 6.81 -71% 24% 211 138 1.4x 34% 61% 1.7x n/m 8% -/3
44 * Sigma Designs SIGM 13.70 -49% 29% 367 175 1.3x 52% 61% .9x 13x 2% -/4
45 Nabi Biopharma NABI 3.40 -37% 40% 173 70 1.6x 60% 61% n/m n/m 4% -/6

* New additions are highlighted.

Screening criteria: ► Tang. book > 50% of MV ► ST assets - liabilities > 50% of MV ► Net cash ► Insiders < 20% ► MV > $100 million
New additions are highlighted. MV = market value. EV = enterprise value. Number of insider transactions relates to most recent six-month period.

© BeyondProxy LLC 10x45 Bargain Hunter™ www.manualofideas.com October 3, 2009 Page 11

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